NDRAHIGH SIGNALFINANCIAL10-K

ENDRA's current assets collapsed 72% while outstanding shares more than doubled, indicating severe liquidity stress despite improved operating performance.

The dramatic 72% decline in current assets to under $1M, combined with a 120% increase in outstanding shares (suggesting significant dilutive financing), signals acute financial distress. While the company has meaningfully reduced losses and R&D spending, the liquidity crisis appears to be forcing operational constraints that may threaten business continuity.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

ENDRA shows a mixed financial picture with significant liquidity concerns overshadowing operational improvements. Operating losses improved substantially from -$10.8M to -$5.8M, driven primarily by a 42% reduction in R&D expenses, while operating cash flow also improved 30% to -$5.2M. However, current assets plummeted 72% to just $968K while current liabilities increased 24%, creating a severe working capital deficit that, combined with the doubling of shares outstanding, suggests the company was forced into heavily dilutive financing to address immediate liquidity needs.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-71.8%
$3.4M→$968K

Current assets declined 71.8% — monitor working capital adequacy and short-term liquidity.

Operating Income
P&L
+46.7%
-$10.8M→-$5.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

R&D Expense
P&L
-42%
$3.2M→$1.8M

R&D spending cut 42% — could signal cost discipline or concerning reduction in innovation investment.

Interest Expense
P&L
-40.8%
$72K→$43K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Net Income
P&L
+38.9%
-$11.5M→-$7.0M

Net income grew 38.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+30%
-$7.4M→-$5.2M

Operating cash flow surged 30% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+24.1%
$605K→$751K

Current liabilities rose 24.1% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
-15.8%
$1.9M→$1.6M

Liabilities reduced 15.8% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-13.4%
$4.5M→$3.9M

Total assets contracted 13.4% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-11.7%
$2.6M→$2.3M

Equity decreased 11.7% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
As of March 31, 2026, there were 1,240,751 shares of the registrant s common stock outstanding.
iii PART I As used in this Annual Report, unless the context otherwise requires, the terms ENDRA, we, us, our, and the Company refer to ENDRA Life Sciences Inc., a Delaware corporation, and its subsidiaries.
We are developing a next-generation enhanced ultrasound technology platform Thermo- Acoustic Enhanced Ultrasound, or TAEUS .
Our initial focus for the development and commercialization of TAEUS is a solution for the assessment of liver fat, a key biomarker associated with metabolic diseases, including metabolic dysfunction-associated steatotic liver disease ( MASLD ) and metabolic dysfunction-associated steatohepatitis ( MASH ).
Our objective is to develop a scalable biomarker solution for metabolic disease assessment and management through a non-invasive, point- of-care approach.
We have periodically evaluated and refined our vision, purpose, and go-to-market strategy with respect to TAEUS in response to evolving market conditions and development priorities.
To support adoption across targeted market segments, we are focused on: Leveraging artificial intelligence and machine learning models to enhance measurement accuracy accuracy and reproducibility; Integrating thermo-acoustic technology with conventional ultrasound to streamline workflows and reduce operator variability; and Reducing system size and cost to improve accessibility across care settings.
We plan to offer a multi-year, subscription-based business model with recurring revenue, while continuing to support traditional capital equipment sales with associated service and upgrade offerings.
In 2025, the Company expanded its business strategy to include a Digital Asset Treasury ( DAT ) initiative, managed in collaboration with Arca Investment Management ( Arca ), which seeks to optimize capital preservation and generate non-dilutive returns through investments in decentralized finance ( DeFi ) assets.
REMOVED
As of March 24, 2025, there were 562,213 shares of the registrant s common stock outstanding.
Currently, we are developing a next-generation enhanced ultrasound technology platform Thermo-Acoustic Enhanced Ultrasound, or TAEUS .
Our first TAEUS platform application focuses on measuring fat in the liver.
Over the past several months, we have revisited and re-evaluated ENDRA s vision, purpose, and go-to-market strategy with respect to TAEUS.
As a result, we are implementing significant changes to ENDRA s pursuit of future growth.
First, our renewed vision is to become a leading biomarker solution for metabolic diseases and Glucagon-Like Peptide-1 ( GLP-1 ) drug management.
Our mission is to develop and offer an accurate, simple-to-use, inexpensive, at the point-of-care test like a blood pressure cuff for the assessment and management of metabolic disease.
Pharmaceutical Companies and Clinical Research Organizations ( CROs ) - to assist them in the efficient screening and monitoring of subjects for new GLP-1 therapeutics in clinical trials by providing a critical biomarker in the treatment of metabolic dysfunction-associated steatohepatitis ( MASH ), obesity, and blood sugar regulation.
High-end Primary Care Networks (Concierge Medicine) - to assist them in screening patients for obesity, diabetes, and liver disease, as well as monitoring response to lifestyle changes and drug therapies.
Bariatric and Metabolic Clinics - for the management of obesity, the detection of metabolic disease, and monitoring response to therapies.
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